Switching Mortgage Lenders - Legal process
It has never been more simple to switch mortgage lenders. Most mortgage lenders will offer discounted rates to new customers so why not avail and switch today.
The legal process involves the following-
1. Your solicitor will request your title deeds from your current lender (this can take up to 4 weeks)
2. Your solicitor will also request the current figures of what is due on your current mortgage (redemption figures)
3. Your solicitor will receive your new loan pack from your new lender and once the title has been reviewed they will certify the title to the bank
4. During this time you will need to ensure your life policies and mortgage protection insurance is in place for the new mortgage
5. You will then meet your solicitor and sign all documents for the new loan
6. Finally once all documents are with your new lender they will issue the new funds which will enable your solicitor to pay off your old mortgage (redeeming the old mortgage)
Your solicitor will then register the new mortgage on your title deeds and send the title deeds to your new bank.
If you are considering switching mortgages today contact us today.